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Bravetotrade
Feb 15, 2018 12:11 PM

Inverted H&S: Right At The Top in Biocon Long

NSE:BIOCON60
BIOCON LTDNSE

Description

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The long trades could be initiated above the neckline of this inverted pattern.

Hope this idea will help some traders for better trade planning.
Do hit the like button and comment if necessary.

Regards
Bravetotrade

Comment

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I will try to delve into the levels as soon as the trade is initiated.

Comment

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Nice

We can wait for a close above neckline on hourly before going long.
One can try any other entry technique that works.

Comment

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Trade will be active above 616, stop below 600, target will be 645.

Comment

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Order above 616 still pending.

Comment

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Stock is taken down by the weak market. The pattern will be reconsidered above neckline 612-613 level. Pattern will be negated below 566.
Chart PatternsHead and ShouldersBIOCONinvertedheadandshoulderslowervolumeshoulderneckline
Comments
nareshbabuh
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I think the trade is active now
nareshbabuh
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right shoulder should complete with big volumes.. then only trade can be initiated.. am I right sir?
Bravetotrade
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@nareshbabuh, sorry I could not understand the word 'complete' in your question. Will u please elaborate it.
nareshbabuh
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@Bravetotrade, I mean the right shoulder touching the neck line
Bravetotrade
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@nareshbabuh, if you mean break out of neckline with big volume.. Then yes it should.
But up to the end of this down move I would like to see lower volumes.
I hope I was able to convey how I look at it.
nareshbabuh
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@Bravetotrade, exactly.. I wasn't able to convey the message properly but we are on the same page :-)
Bravetotrade
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@nareshbabuh, 👍
praveen.bhatiya
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Shouldn't it be better to have a inverted Head and Shoulder pattern at the bottom? It is a bullish reversal pattern right so must have something to reverse.
Bravetotrade
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@Praveen.bhatiya, I agree. But inverted h&s is normal as a continuation pattern in the middle of up moves.
And who knows when we ll look at the chart after few weeks, this may look like a solid base :)
praveen.bhatiya
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@Bravetotrade, yes you are right. Market is supreme let's see what it wants to do. Thanks for your prompt reply.
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